Anticipated and Actual Bequests

This paper uses data on anticipated bequests from two waves of the Health and Retirement Study and the Asset and Health Dynamics of the Oldest Old (AHEAD), and on actual bequests from AHEAD. Actual bequests were measured in exit interviews given by proxy respondents for 774 AHEAD respondents who died between waves 1 and 2. Because the exit interview is representative of the elderly population, the distribution of estate values is quite different from that obtained from estate records, which represent just a wealthy subset of the population. Anticipated bequests were measured by the subjective probability of leaving bequests. Between waves 1 and 2, increases in bequest probabilities were associated with increases in the subjective probability of surviving, increments in household wealth, and widowing while out-of-pocket medical expenses reduced the likelihood of a bequest. By comparing bequest probabilities with baseline wealth we were able to test a main prediction of the life-cycle model, that individuals will dissave at advanced old-age. The AHEAD respondents anticipate substantial dissaving before they die.

The Effects of Subjective Survival on Retirement and Social Security Claiming

This research examines the relationship between mortality risk and retirement, and mortality risk and the propensity to take early and reduced Social Security benefits. The main theory for understanding saving behavior is the life-cycle model (LCH). The LCH, however, can be extended to find the optimal retirement age, and can be used to make predictions about the desire to annuitize or equivalently, the desire to delay claiming Social Security benefits. According to the LCH, individuals who expect to be exceptionally long-lived will retire at a later age than individuals who expect to die early because they will need greater wealth to finance more years of retirement. According to almost any model of intertemporal maximization, those who expect to be long lived will see the increase in Social Security benefits that result from retiring at 65 rather than at 62 as being financially advantageous and will, therefore, delay application for benefits until the age of 65. In principle the decision to retire and the decision to take early and reduced benefits are related decisions but not necessarily the same decision. Therefore this study examines both decisions.

The Effects of Subjective Survival on Retirement and Social Security Claiming

According to the life-cycle model, mortality risk will influence both retirement and the desire to annuitize wealth. We estimate the effect of subjective survival probabilities on retirement and on the claiming of Social Security benefits because delayed claiming is equivalent to the purchase of additional Social Security annuities. We find that those with very low subjective probabilities of survival retire earlier and claim earlier than those with higher subjective probabilities, but the effects are not large. The great majority of workers claim as soon as they are eligible.

Intercontinental antenna arraying by symbol stream combining at ICE Giacobini-Zinner encounter

Deep space tracking stations on different continents were arrayed during the encounter of the International Cometary Explorer (ICE) spacecraft with the comet Giacobini-Zinner during September 9 through 12, 1985. This is the first time that telemetry signals received on different continents have been combined to enhance signal to noise ratio. The arraying was done in non-real time using the method of symbol stream combining. The improvement in signal to noise ratio was typically 2 dB over the stronger of the two stations in each array

Orbital magnetization and its effects in spin-chiral ferromagnetic Kagome lattice

Recently, Berry phase in the semiclassical dynamical of Bloch electrons has been found to make a correction to the phase-space density of states and a general multi-band formula for finite-temperature orbital magnetization has been given [Phys. Rev. Lett. \textbf{97}, 026603 (2006)], where the orbital magnetization $\mathcal{M}$ consists of two parts, i.e., the conventional part $M_{c}$ and the Berry-phase correction part $M_{\Omega}$. Using this general formula, we theoretically investigate the orbital magnetization and its effects on thermoelectric transport and magnetic susceptibility properties of the two-dimensional \textit{kagom\'{e}} lattice with spin anisotropies included. The study in this paper is highly interesting by the occurrence of nonzero Chern number in the lattice. The spin chirality parameter $\phi$ (see text) results in profound effects on the orbital magnetization properties. It is found that the two parts in orbital magnetization opposite each other. In particular, we show that $M_{c}$ and $M_{\Omega}$ yield the paramagnetic and diamagnetic responses, respectively. It is further shown that the orbital magnetization displays fully different behavior in the metallic and insulating regions, which is due to the different roles $M_{c}$ and $M_{\Omega}$ play in these two regions. The anomalous Nernst conductivity is also calculated, which displays a peak-valley structure as a function of the electron Fermi energy.Comment: 9 pages, 7 figure

Superconducting d-wave junctions: The disappearance of the odd ac components

We study voltage-biased superconducting planar d-wave junctions for arbitrary transmission and arbitrary orientation of the order parameters of the superconductors. For a certain orientation of the superconductors the odd ac components disappear, resulting in a doubling of the Josephson frequency. We study the sensitivity of this disappearance to orientation and compare with experiments on grain boundary junctions. We also discuss the possibility of a current flow parallel to the junction.Comment: 5 pages, 3 figure

System for the measurement of ultra-low stray light levels

An apparatus is described for measuring the effectiveness of stray light suppression light shields and baffle arrangements used in optical space experiments and large space telescopes. The light shield and baffle arrangement and a telescope model are contained in a vacuum chamber. A source of short, high-powered light energy illuminates portions of the light shield and baffle arrangement and reflects a portion of same to a photomultiplier tube by virtue of multipath scattering. The resulting signal is transferred to time-channel electronics timed by the firing of the high energy light source allowing time discrimination of the signal thereby enabling the light scattered and suppressed by the model to be distinguished from the walls and holders around the apparatus

Giant Josephson current through a single bound state in a superconducting tunnel junction

We study the microscopic structure of the Josephson current in a single-mode tunnel junction with a wide quasiclassical tunnel barrier. In such a junction each Andreev bound state carries a current of magnitude proportional to the {\em amplitude} of the normal electron transmission through the junction. Tremendous enhancement of the bound state current is caused by the resonance coupling of superconducting bound states at both superconductor-insulator interfaces of the junction. The possibility of experimental observation of the single bound state current is discussed.Comment: 11 pages, [aps,preprint]{revtex